Despite testing the nation’s booming energy sector, a collapse in oil prices is leaving more money in consumers' pockets with one of gasoline's swiftest price declines on record.

Gas prices appear headed below a nationwide average of $2 a gallon in the coming days, with average pump prices — $2.04 a gallon Thursday — down more than 40% since last June, according to the auto club AAA.

Through last week, pump prices have declined for 16 straight weeks, breaking the last record set in 2008.

WTI crude oil is lower by 2.9% to $46.37 after the EIA reports an inventory build of 10.1M barrels last week, about 4x consensus estimates. Stockpiles of 387.9M barrels are the highest for this time of year in 80 years, says the EIA.

A volatile week saw WTI crude oil (NYSEARCA:USO) as low as $44 per barrel, as high as $52, and ultimately ending right near where it opened on Sunday night at just over $48.

Saying the "tide will turn," the IEA earlier today cut its forecast for non-OPEC production, and HSBC is beginning to see early signs of "market rebalancing" - code for production cutbacks.

Don't expect a V-shaped recovery warns HSBC for four reasons: 1) They believe it when the Saudis promise no production cuts 2) Oil is quoted in the still-strong dollar 3) While not weak, oil demand isn't very strong either 4) What non-OPEC production cuts we have seen aren't enough.

Hanging around $45 per barrel yesterday afternoon, WTI crude oil soared higher to close the session and continued the rally today -touching nearly $52 earlier this morning. A steep selloff since, however, leaves it lower by 4% on the session at $46.35 ... Just a run-of-the-mill 12% intraday move.

A $3 move higher in the last hour has WTI crude oil ahead by almost 6% on the session and above $48 per barrel. There's no particular news behind the move, just a heavily oversold asset burning a few greedy shorts.

Earlier, the EIA reported an unexpected big increase in crude inventories. When the bears couldn't take oil any lower on the news, it likely rang a bell to start buying.

The energy sector (XLE-1.5%) heads lower and is now underperforming the broader market after the EIA reported a bigger-than-expected build in WTI stockpiles; the news initially sent crude lower, although it is now +0.1% at $45.94/bbl; natural gas +5.7%.

"There is no compelling reason why oil prices cannot fall further in the near term," writes Capital Economics' Julian Jessop, as Saudi Arabia's King Abdullah makes clear his belief that the slow global economy - not oversupply - is behind the drop in crude prices.

The kingdom lowered its benchmark price again yesterday, another sign its more concerned with market share and sending oil prices low enough to make U.S. shale production unprofitable.

WTI crude oil has nearly recouped the week's losses today, up 4.5% to $56.80 per barrel. The move, however, doesn't even register on a daily chart.

Next year? Former WSJ energy reporter Ben Casselman takes to the FiveThirtyEight blog to remind that when he picked up the oil & gas beat in 2008, there was only one thing the experts agreed on: "U.S. oil production was in permanent, terminal decline ... No one has any idea what oil prices will do.”

The stock market has retraced its post FOMC gains as Janet Yellen walks the line between hawkishness and dovishness at her press conference, but remains nicely higher, with the major averages all up by 1% or more.

The really wild swings today have been in crude oil, which sank as low at 54.50 this morning, soared above $59 this afternoon, but has plunged back into the red for the session at $56.20 per barrel. USO-0.1%